**Bitcoin Faces Criticism from European Central Bank, Sparks Outcry**

The cryptocurrency landscape experienced a significant jolt over the weekend as the European Central Bank (ECB) drew ire from the crypto community. Top officials at the ECB released an anti-Bitcoin (BTC) report, urging for the disappearance of Bitcoin, claiming that its price surge benefits early adopters at the expense of latecomers and non-holders. This, according to the report, would lead to substantial wealth redistribution and potentially impoverish those who join the Bitcoin community later.

ECB officials Jurgen Schaff and Ulrich Bindseil argued that non-holders have strong incentives to push for legislative measures against Bitcoin. The report stated, "In any case, current non-holders should realise that they have compelling reasons to oppose Bitcoin and advocate for legislation against it, aiming to prevent Bitcoin prices from rising or to see Bitcoin disappear altogether."

This bold stance has been interpreted by some as an open declaration of conflict against Bitcoin. Tuur Demeester, a prominent BTC analyst, described the report as an explicit declaration of war against the digital asset by the ECB. He highlighted the potential for authorities to justify punitive measures such as heavy taxes or outright bans on Bitcoin, based on the arguments laid out in the report.

Max Keiser, a noted BTC proponent and advisor to El Salvador's President Nayib Bukele, dismissed the ECB's report as an indication of the regulator's misunderstanding of the cryptocurrency. "Bitcoin is an IQ test. The ECB failed," Keiser remarked sharply.

The ECB's critical stance on Bitcoin is not new. In February 2024, the institution asserted that Bitcoin lacked intrinsic value and was a bubble destined to burst with severe social repercussions. By June, former ECB executive and current Governor of the Bank of Italy, Fabio Panetta, had called on other banks to block cryptocurrencies, warning of their imminent failure. The ECB also criticized the U.S.'s decision to approve spot BTC ETFs in early 2024.

Amidst the controversy, some analysts believe the ECB's warnings inadvertently acknowledge Bitcoin's potential for significant future growth. Market analyst Plan C suggested that Bitcoin represents a countermeasure to inflation triggered by extensive money printing, "This new ECB paper also contains a hidden signal: ECB knows for a fact that Bitcoin will rise for good because ECB knows for a fact that central banks will have to start printing ungodly amounts of money soon, and forever."

The crypto community remains divided in its interpretation of the ECB's report. While some view it as an attempt to stifle Bitcoin's growth, others see it as an inadvertent acknowledgment of the cryptocurrency's inevitable rise.